Big business and financial investors, not consumers, will force better conditions in the world's textile factories, according to the head of an investment firm aiming to pump $500m (£306m) into creating a more ethical garment industry.

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Sports Direct has bowed to criticism of its working conditions by pledging £10m towards a staff pay rise, but Britain’s largest trade union dismissed the response to Guardian revelations over controversial employment practices at the retailer as a “PR stunt”.